<p>Erosion–corrosion (EC)-induced damage is a primary contributor to premature failures in hydraulic transport structures involving sudden changes in flow patterns, especially the hydraulic pipeline (tee, reducer, pipe bend, etc.), pumps, and valves. A comprehensive exploration of EC behavior of steels subjected to high tensile stress was provided, as most engineering structures are operated under high stress. The stress-accelerated erosion (SAE) and stress-accelerated corrosion (SAC) behaviors of highly stressed steel and their synergistic effect were mainly focused. SAE, SAC, and their synergistic mechanisms, existing debate, and possible reasons, as well as available analytic models with their advantages and limitations, are thoroughly discussed. The multiphysics simulation methods for modeling EC interactions with both static and cyclic stresses are also summarized, and EC mitigation strategies, especially the bionics-based strategies, were also summarized in detail.</p>